Geriatric Care Services Market Analysis
Advanced healthcare heavily relies on geriatric care services that offer comprehensive care solutions and assistance to elderly individuals, improving their quality of life.
The global market for geriatric care services was valued at US$784.7 million in 2017 and is predicted to grow at a CAGR of 7.9% from 2018 to 2026.
The market for geriatric care services is anticipated to rise as a result of an ageing population who are more likely to have chronic diseases.
The market growth is expected to be driven by the increasing geriatric population, who are at a higher risk of chronic diseases like diabetes, cardiac disorders, arthritis, and respiratory disorders requiring constant monitoring. According to World Population Prospects in 2017, the global population aged over 60 years was 962 million and is projected to reach approximately 2.1 billion by 2050. This age group is growing at a faster pace compared to other age groups worldwide. Moreover, the incidence of age-related diseases such as renal insufficiency, arthritis, metabolic changes, Parkinson’s disease, organ failures, and nervous disorders is higher among this population group.
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The geriatric care services market is expected to experience growth due to the increasing range of services offered by care centers and rising demand for care services. These providers assist patients in selecting appropriate insurance policies, offer counseling and support, crisis intervention, and assist in decision-making related to housing options, money management, and personal care. For instance, LivHome, Inc. offers safety measures, medication support, and social engagement for elderly patients through their LivHome Connect senior care technology.
However, the high cost of geriatric care services may impede market growth in emerging economies such as India. For example, the average cost of Home Care Aide is approximately US$ 40,000 per year, based on 250 workdays.
Growing geriatric care providers and technology improvements in North America are anticipated to support market expansion.
The geriatric care service market in North America is dominant due to the increasing number of geriatric care agencies, favorable reimbursement policies, converging trends of aging population, and technological advancements. In 2013, around 4.9 million patients received care worldwide, and there were 12,400 home healthcare agencies in the U.S.
According to the Centers for Disease Control and Prevention’s estimates in 2014. In 2018, the Geriatric Mental Health Foundation reported that an estimated four million people in the U.S. suffered from Alzheimer’s disease or a related form of dementia, with nearly 10% being people over the age of 65 and up to 50% over the age of 85.
Additionally, the increase in government expenditure for geriatric welfare coupled with the growing geriatric population is expected to drive market growth over the forecast period. For example, the U.S. government is projected to invest approximately US$1.16 trillion on Medicare by 2027, which is double the spending in 2016.
According to the National Council of Aging Care. Key players in the market are expanding their service portfolio and adopting merger, acquisition, and collaboration strategies to enhance their market share. For example, Almost Family, Inc. acquired a Medicare-certified home health agency owned by Caldwell Medical Center in 2014. Similarly, in January 2019, Arosa+LivHOME acquired Partners in Senior Care to expand its presence in the northern suburbs of Chicago in the U.S.
Some of the prominent companies operating in the global market for geriatric care services are LivHOME, Brookdale Senior Living Solutions, Revera Inc., Senior Care Centers, Amedisys, Genesis HealthCare, Home Instead Senior Care, Extendicare, and Portea Medical.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Geriatric Care Services Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Geriatric Care Services Industry Impact
Chapter 2 Global Geriatric Care Services Competition by Types, Applications, and Top Regions and Countries
2.1 Global Geriatric Care Services (Volume and Value) by Type
2.3 Global Geriatric Care Services (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Geriatric Care Services Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Geriatric Care Services Market Analysis
Chapter 6 East Asia Geriatric Care Services Market Analysis
Chapter 7 Europe Geriatric Care Services Market Analysis
Chapter 8 South Asia Geriatric Care Services Market Analysis
Chapter 9 Southeast Asia Geriatric Care Services Market Analysis
Chapter 10 Middle East Geriatric Care Services Market Analysis
Chapter 11 Africa Geriatric Care Services Market Analysis
Chapter 12 Oceania Geriatric Care Services Market Analysis
Chapter 13 South America Geriatric Care Services Market Analysis
Chapter 14 Company Profiles and Key Figures in Geriatric Care Services Business
Chapter 15 Global Geriatric Care Services Market Forecast (2023-2030)
Chapter 16 Conclusions
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